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Global Invacom to Raise SG$5 Million for Satellite Technology Expansion; Shares Plunge 15%

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Global Invacom (SGX:QS9) is targeting to raise up to SG$4.9 million for satellite technology expansion via a renounceable partially-underwritten rights issue of up to 140 million shares at SG$0.035 per share, according to a Monday filing with the Singapore Exchange.

Shares of the communications company tumbled over 15% in Tuesday's late-morning trading.

Soochow Singapore Capital Markets has already agreed to underwrite 116 million shares, while Maybank Securities has been nominated as a sub-underwriter.

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